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I'm very sympathetic with many of the "anti"-crypto arguments but to say there is no difference between BitConnect and Bitcoin/Ethereum is just wrong. You might

I'm very sympathetic with many of the "anti"-crypto arguments but to say there is no difference between BitConnect and Bitcoin/Ethereum is just wrong. You might believe their value is based on a similar concept, pyramid scheme type construct, but they still have massive differences. Bitcoin/Ethereum/etc actually do /something/ (even if you ultimately come to the conclusion that that something is bad).

JackFr 5y ago
> Bitcoin/Ethereum/etc actually do /something/ Big if true.
- nest0r 5y ago
- TheFreim 5y ago
  You might think that the "something" "legit" crypto does isn't a good solution even though it IS doing "something". Bitcoin works as a distributed ledger, depending on your view that might be a solution in search if a problem but it's still something.
  - danaris 5y ago
    "Working as a distribute ledger" is a means to an end, not an end in itself. It's a tool. What is that tool useful for that isn't better served by other tools? That is the question that has never been answered, at least not to my satisfaction.
astoor 5y ago
Plausible deniability is one of ways the cryptocurrency schemes have continued for so long without collapsing - members can convince themselves that Bitcoin/Ethereum/etc. aren't ponzi/pyramid schemes because they "do something". Furthermore, that "something" can keep changing over time (e.g. for Ethereum it was first ICOs and DApps, currently it is NFTs and DeFi, and in future likely to be something else), which keeps the schemes self-sustaining. It is the plausible deniability and evolving self-sustainability which are the main advantages Bitcoin/Ethereum/etc. have over simpler schemes like BitConnect.
- TheFreim 5y ago
  > Furthermore, that "something" can keep changing over time I don't follow. DApps didn't change to nfts, did they? I'm pretty sure they still are used and developed.
  - astoor 5y ago
    No, DApps didn't change into NFTs, and yes, DApps and ICOs still exist. But DApps and ICOs are not the current "revolutionary" "game changing" drivers for "line goes up" in the Ethereum world. Similarly I'd expect NFTs and DeFi to continue to exist after whatever supersedes them as the main attraction to draw in new members. Just like there are still people who talk about Bitcoin as "electronic cash" even though most have moved on to other narratives like "digital gold". That is the evolving self-sustainability aspect of plausible deniability. The schemes are flexible enough for existing scheme members to claim they are whatever they need to be to continue drawing in those all-important new scheme members, although most likely only for a finite period of time.

JackFr 5y ago

> Bitcoin/Ethereum/etc actually do /something/ Big if true.

nest0r 5y ago
TheFreim 5y ago
You might think that the "something" "legit" crypto does isn't a good solution even though it IS doing "something". Bitcoin works as a distributed ledger, depending on your view that might be a solution in search if a problem but it's still something.
- danaris 5y ago
  "Working as a distribute ledger" is a means to an end, not an end in itself. It's a tool. What is that tool useful for that isn't better served by other tools? That is the question that has never been answered, at least not to my satisfaction.

astoor 5y ago

Plausible deniability is one of ways the cryptocurrency schemes have continued for so long without collapsing - members can convince themselves that Bitcoin/Ethereum/etc. aren't ponzi/pyramid schemes because they "do something". Furthermore, that "something" can keep changing over time (e.g. for Ethereum it was first ICOs and DApps, currently it is NFTs and DeFi, and in future likely to be something else), which keeps the schemes self-sustaining. It is the plausible deniability and evolving self-sustainability which are the main advantages Bitcoin/Ethereum/etc. have over simpler schemes like BitConnect.

TheFreim 5y ago
> Furthermore, that "something" can keep changing over time I don't follow. DApps didn't change to nfts, did they? I'm pretty sure they still are used and developed.
- astoor 5y ago
  No, DApps didn't change into NFTs, and yes, DApps and ICOs still exist. But DApps and ICOs are not the current "revolutionary" "game changing" drivers for "line goes up" in the Ethereum world. Similarly I'd expect NFTs and DeFi to continue to exist after whatever supersedes them as the main attraction to draw in new members. Just like there are still people who talk about Bitcoin as "electronic cash" even though most have moved on to other narratives like "digital gold". That is the evolving self-sustainability aspect of plausible deniability. The schemes are flexible enough for existing scheme members to claim they are whatever they need to be to continue drawing in those all-important new scheme members, although most likely only for a finite period of time.